Guaranty Bancshares(US:GNTY)2024-10-21 11:01Financial Performance - Net income available to common shareholders for Q3 2024 was $7.4 million, or $0.65 per basic share, unchanged from Q2 2024 and up from $6.3 million, or $0.54 per basic share, in Q3 2023[2] - Net interest income for Q3 2024 was $24.2 million, an increase of $889,000, or 3.8%, compared to Q3 2023[5] - Noninterest income increased by $215,000, or 4.4%, to $5.2 million in Q3 2024 compared to Q3 2023[9] - The efficiency ratio for Q3 2024 improved to 70.47%, compared to 72.64% for the prior year quarter[12] - The company reported a return on average assets of 0.96% and a return on average equity of 9.58% for the quarter[19] - Total noninterest income for the quarter ended September 30, 2023, was $5,154, an increase from $4,599 in the previous quarter[22] - Total noninterest expense for the quarter was $20,678, slightly up from $20,602 in the previous quarter[23] Asset and Deposit Management - Total deposits increased by $42.8 million, or 1.6%, to $2.67 billion at September 30, 2024, compared to $2.63 billion at June 30, 2024[14] - Total assets reached $3,097.1 million, a slight increase from $3,081.6 million in the prior quarter[17] - Total equity increased to $319.3 million as of September 30, 2024, up from $308.6 million in the previous quarter and $296.8 million year-over-year, primarily due to net income of $7.4 million[16] - Total average deposits remained stable at $2,621,968 thousand compared to $2,614,248 thousand in the prior quarter[27] - Noninterest-bearing deposits decreased to $800,573 thousand from $818,290 thousand in the previous quarter[27] Loan Performance - Gross loans decreased by $78.5 million, or 3.5%, during Q3 2024, resulting in a gross loan balance of $2.14 billion[13] - Total loans as of September 30, 2023, amounted to $2,318,249, a slight decrease from $2,322,576 as of June 30, 2024[20] - Total loans for the nine months ended September 30, 2024, were $2,234,538, generating interest income of $105,115, with an average yield of 6.28%[25] Credit Quality - Nonperforming assets as a percentage of total assets were 0.66% at September 30, 2024, down from 0.71% at June 30, 2024[15] - The allowance for credit losses as a percentage of total loans was 1.34% as of September 30, 2024, compared to 1.33% at December 31, 2023[9] - The net charge-offs to average loans (annualized) ratio was 0.04% for the quarter, indicating stable credit quality[21] - Nonaccrual loans were $5,095 as of September 30, 2023, compared to $6,225 as of June 30, 2024, indicating a decrease in nonperforming loans[21] - Total nonperforming assets were $20,433, a decrease from $21,740 in the previous quarter[21] Interest Rates and Margins - Net interest margin increased to 3.33% in Q3 2024, up 7 basis points from Q2 2024 and 31 basis points from Q3 2023[3] - Net interest income for the third quarter was $24.2 million, compared to $23.9 million in the previous quarter, reflecting a net interest margin of 3.33%[19] - The net interest margin improved to 3.28% in 2024 compared to 3.17% in 2023, reflecting a stronger interest rate spread of 2.17%[25] - Interest-bearing deposits increased to $1,802,228 in 2024, with interest expense rising to $44,526, resulting in an average yield of 3.30%[25] Stock and Equity - The company repurchased stock totaling $1.8 million during the third quarter of 2024[16] - Total equity attributable to Guaranty Bancshares, Inc. was $303,418 as of September 30, 2024, compared to $298,656 in 2023[26] - Tangible book value per common share increased to $27.94 in 2024 from $26.98 in 2023[26] Future Outlook - The company will hold a conference call on October 21, 2024, to discuss third quarter 2024 financial results[30] - Guaranty Bancshares, Inc. operates 33 banking locations across 26 Texas communities[31] - The company emphasizes the importance of non-GAAP financial measures for evaluating performance and making operational decisions[28]